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The 7 Deadly Sins of Crowdfunding

The 7 Deadly Sins of Crowdfunding

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Published by Crowdsourcing.org

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Published by: Crowdsourcing.org on Apr 19, 2011
Copyright:Attribution Non-commercial


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7 Deadly Sins of Crowdfunding
. This page is a brief and
powerful guide
on how to make the most out of your crowdfunding campaign.Here is what all crowdfunding aspirants should know before launching theircampaign.
1. GREED -
It’s not just about the money!
Crowdfunding gives you the chance to raise awareness and build an audience priorto - or while -working on your project. Many successful creators consider thesebenefits to be more valuable than the funding.Non-monetary benefits of crowdfunding include:Showing the world that you are not the only one to believe in your project
(known as “third party validation” in marketing speak).
 Building a network of supporters and advocates -
even if people don’t buy
your vouchers, they may talk about your project to their social network.
(“word of mouth” marketing)
 Starting distributing your product by selling your project vouchers - i.e. pre-
sell your product (“market testing”).
 Getting assistance from the public: let fans participate in your project. Heartheir feedback!
What is a reasonable funding target?
It is ALWAYS better to meet your target than not to meet your target. Sounds
obvious? So please choose a goal that’s small enough that you can confidently
meet and exceed. Exceeding your target will add a touch of brilliance to yourcampaign!Bear in mind you can always come back for another round of funding later.As to the precise amount:Be straightforward about your actual costs, this is what you need to raise.Think about how many vouchers you need to sell to reach your target. Is thata realistic number of sales?
There generally is a strong correlation between the size your existing socialnetwork and how much your can raise through crowdfunding. How many of your existing fans will contribute and how much? Be realistic.
3. PRIDE -
Actually… a bit of vanity is good when it comes to your
crowdfunding video!
The public loves to see your face on your crowdfunding campaign video (noreally!). So show yourself and tell the story of your project (briefly).Film makers: you probably already have a great trailer, but experience shows thatthe public often prefers to see the women, men and passion at work behind yourproject.
It’s even better if you can make your crowdfunding campaign video fun and
4. SLOTH -
ZZZ… Success is about ENGAGING your audience!
Do nothing once your project is live, and... the odds are that nothing will happen.
That’s why sloth is by far the most lethal of all crowdfunding sins!
Crowdfunding starts with your friends, family and existing fan base. Askthem to contribute!
 Please use the tools at your disposal on the site to share your project with the world(Twitter and Facebook share, Grab the Widget, Facebook Recommend). Ask yourfriends to share your project page with their social network too.
If you don’t already have an account with Twitter and/or Facebook, please create
one. Twitter is a particularly valuable marketing tool, as it travels across networkseasily. We will support your Twitter/Facebook campaign through Spons
ume’s own
network.Create a mailing list (Mailchimp for instance is free for under 1000 emailaddresses and has great monitoring tool). People respond more to email than socialmessages. Own your public!
Talk to people about your project and crowdfunding campaign (sounds oldfashioned, but it is still the most powerful medium).The next section explains how to build an audience in more detail.
5. LUST - Share the love!
Engaging your crowd is a bit like courting: you don’t usually just go and ask someone for sex…
 Identify your audiences. Start by asking yourself the questions: What does myproject talk about (themes), where is it located (places of interest), how is it beingproduced (genres, methods), who is taking part (team and beyond)?These will give you a few clues as to what kinds of public you need to engagewith. Ask yourself: who is likely to fancy my project? Who may identify with it?Locate. You know who they are, now check where they live (e.g. Facebook groups). Get in touch with the groups and their organisers.Communicate & Build rapport. Start a two-way conversation using a varietyof media (different people respond to different stimuli), including socialme
dia, emails, talks. Don’t ask for contributions yet. First get to know eachother…
 Call to action. Time to get intimate. Ask them to contribute! This worksbetter when addressed in a personal message.Keep in touch: Tempted by a one-
night stand? You’ve jus
t built yourself anetwork of dedicated supporters and advocates. Nurture and treasure it, yourpublic/customers are an invaluable asset!
6. WRATH - Keep cool: give yourself enough time.
However don’t give yourself too long either, or your campaign WILL st
all.Deadlines actually help get things done.Statistically, the projects that raise the most are those with a deadline of around 70days. But it all depends on the nature of your project and campaign.

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